NEFT transactions to become 24x7, other important steps taken by RBI

The Reserve Bank of India (RBI) on Wednesday announced that National Electronic Funds Transfer (NEFT) payment system "will be made available on a 24x7 basis from December 2019." Currently, the NEFT system, operated by the RBI as a retail payment system, is available from 8am to 7pm on all working days of the week (except 2nd and 4th Saturdays of the month).

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